Deputy finance minister rules out recession

The Polish economy will decelerate in 2023 but there will be no recession, a deputy finance minister has said.

Poland expects its economy to grow this year in line with previous forecasts, Artur Sobon told a press conference on Thursday.

„In 2023, the Polish economy will slow down, but no way we will be dealing with a recession and negative GDP growth,” he said.

„At the end of 2023 the growth will be near 1 percent, Sobon added.

He also said that in the second half of the year inflation will continue to fall, and that since June there has been positive growth in real wages, which translates into improved consumer sentiment and greater consumer confidence.

„The fact that in a difficult period it was possible to lower taxes, introduce a number of shields and measures, such as credit holidays, which allowed us to survive the hard times until wage growth became positive, inflation started to fall and consumer moods improved” Sobon said. “We have low unemployment, growing investment, including public investment, and we also have a growing share of exports in GDP,” he added.

According to Sobon, in 2024, „the Polish economy will return to the well-trodden path of growth of at least 3 percent.” (PAP)

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